Tanzanian Economy Grew 4.9% in 12 Months to End of July

Tanzania's economy grew by 4.9% in the 12 months to July 31, spurred by construction, transport, agriculture, manufacturing and mining and quarrying activities, the country's central bank said Tuesday.

The growth was lower than the 5.9% expansion recorded during the prior-year period, the bank said.

"Performance of the external sector of the economy continued to face challenges caused by Covid-19, particularly tourism, however, export of gold improved to about $3 billion in the year ending July 2021," the bank said in a monetary policy committee statement.

The value of gold exports in Tanzania--one of Africa's top gold producers-rose from $2.73 billion during the prior- year period.

The committee expects the economy to continue to recover and backed the Bank of Tanzania's proposal to sustain liquidity by easing monetary policy in September and October.

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  09-14-21 0836ET
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